Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0121%/8h= +13.3% APRpaid last 24h −0.003%

Price spread now: Orderly against dYdX+0.100%7-day average +0.049% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on dYdX Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.192%−$19 on $10k

Price spread, last 4 days (all we have)+0.021%+$2 · spread now +0.100%, 7d avg +0.049%

Together, before fees−0.171%−$17 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Orderly is 0.051% dearer against dYdX than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.049%. Mind the row above: over the last 7 days funding on this pair cost −0.192%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX TAO-USD	313.35	0	get 0.0000% / 1h	47m 01s	$125K	$85K	5x
Short	Orderly PERP_TAO_USDC	313.66	0.0121	get 0.0061% / 4h	2h 47m	$52K	$290K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against dYdX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee dYdXbpFee OrderlybpOrdersPrice spread, now +0.100%Rate

Funding earned: $25.44
Price spread: +0.100% → +0.049%: $5.13
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: $14.57
Costs to cover: 0.160%
Break-even: 3.0 days

Slippage unknown: dYdX: live order book, 2 min ago; Orderly: no order-book sample. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy dYdX live order book, 2 min ago	40.60 bp	45.6 bp −$46	50.4 bp −$504	116.9 bp −$11.7K	852.2 bp −$426.1K
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

TAO on 43 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX TAO-USDlong	0.0000%	1h	313.35	long leg	$125K	$85K	5x
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0003%	1h	313.34	−0.003%	$22K	—	150x	as long as short
Katana Perps TAO-USD	+0.0100%	8h	313.43	+0.027%	$642	$887K	5x	as long as short
Binance TAOUSDT	+0.0100%	4h	313.57	+0.072%	$89.7M	$505.3M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	313.50	+0.049%	$26.2M	$122.0M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	313.30	−0.015%	$13.7M	$50.4M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	313.56	+0.068%	$104.8M	$144.6M	300x	as long as short
KuCoin TAOUSDTM	+0.0100%	4h	313.60	+0.081%	$17.5M	$31.4M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	313.39	+0.014%	$35.3M	$56.9M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	313.37	+0.006%	$41K	$315K	10x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps TAO-USD	+0.0100%	1h	313.44	+0.030%	$81K	$909K	5x	as long as short
SunX TAO-USDT	+0.0100%	4h	313.50	+0.049%	$1K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	312.65	−0.222%	$111K	$545K	20x	as long as short
Aevo TAO-PERP	+0.0104%	1h	313.85	+0.162%	$172K	$998	3x	as long as short
Orderly PERP_TAO_USDCshort	+0.0121%	4h	313.66	+0.100%	$52K	$290K	10x
GMX TAO/USD [WBTC.b-USDC]	L +0.0132% / S +0.0137%	1h	313.28	−0.020%	$419K	—	100x	as long as short
Bulk TAO-USD	+0.0138%	1h	312.42	−0.295%	$166K	$333	10x	as long as short
Aster TAOUSDT	+0.0161%	4h	313.64	+0.093%	$1.3M	$10.5M	50x	as long as short
Paradex TAO-USD-PERP	+0.0232%	8h	313.61	+0.083%	$14K	$1K	10x	as long as short
Pacifica TAO	+0.0233%	1h	313.72	+0.120%	$357K	$419K	10x	as long as short
ApeX Omni TAOUSDT	+0.0255%	1h	312.72	−0.200%	$46K	$255K	50x	as long as short
Nado TAO-PERP	+0.0256%	1h	313.79	+0.141%	$780K	$2.2M	10x	as long as short
GRVT TAO_USDT_Perp	+0.0260%	4h	313.21	−0.042%	$532K	$942K	10x	as long as short
Popdex TAOUSDT	+0.0280%	1h	313.67	+0.103%	$49K	$662K	20x	as long as short
Kraken Futures PF_TAOUSD	+0.0303%	1h	314.07	+0.230%	$5.7M	$21.0M	50x	as long as short
Bullet TAO-USD	+0.0334%	1h	313.67	+0.104%	$12K	$17K	20x	as long as short
BloFin TAO-USDT	+0.0340%	4h	313.60	+0.081%	$4.5M	$10.8M	100x	as long as short
Phemex TAOUSDT	+0.0350%	4h	313.78	+0.138%	$3.2M	$7.9M	50x	as long as short
Variational Omni TAO	+0.0371%	4h	313.10	−0.079%	$5.5M	$10.1M	—	as long as short
Bybit TAOUSDT	+0.0377%	4h	313.69	+0.110%	$68.0M	$151.3M	50x	as long as short
BingX TAO-USDT	+0.0384%	4h	313.60	+0.081%	—	$33.7M	—	as long as short
Extended TAO-USD	+0.0400%	1h	313.70	+0.114%	$905K	$2.4M	25x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0428%	1h	313.66	+0.100%	$11K	$1.8M	25x	as long as short
Arcus TAO-USD	+0.0483%	1h	313.87	+0.167%	$101K	$370K	5x	as long as short
Phoenix TAO	+0.0513%	1h	313.30	−0.015%	$312K	$713K	5x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	313.46	+0.035%	$360	—	20x	as long as short
Hyperliquid TAO	+0.0736%	1h	313.82	+0.151%	$91.8M	$108.5M	5x	as long as short
01 Exchange TAOUSD	+0.0792%	1h	314.18	+0.266%	$3K	$4K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0800%	1h	313.68	+0.106%	$309K	$886K	10x	as long as short
Lighter TAO	+0.0920%	1h	313.87	+0.167%	$1.5M	$6.5M	5x	as long as short
Coinbase International TAO-PERP-INTX	+0.0928%	1h	314.47	+0.358%	$1.5M	$6.8M	50x	as long as short
RISEx TAO/USDC	+0.0948%	1h	313.64	+0.094%	$452K	$651K	5x	as long as short
Injective TAO/USDC PERP	+0.3711%	1h	316.07	+0.869%	$23K	$2K	12x	as long as short